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Most small business owners and employers are turning to ACH payments instead paper check payments because of the ease and instant access the ACHnetwork provides. And the best part about ACH? Many small businesses choose ACHoperators because they are more convenient than most direct deposits.
ACH credit payments are best for sending one-time payments whereas ACH debit payments are more suited for making regular payments, such as for monthly utility bills. All ACH payments are secure and reliable, available 24 hours a day, 7 days a week, and 365 days a year. What are ACH Debit Payments?
This is called an ACH direct deposit. Your employer sends the money through the ACHnetwork, and it ends up in your account, often on the same day. The ACH deposit meaning goes beyond just paychecks. They give their bank a request to send funds through the ACHnetwork. Another key benefit is security.
Before diving deeper into SEC codes, let’s take a minute to better understand ACH transactions – if you’ve already worked with ACH transactions and have an idea about what is involved in them, you can skip this section and go straight to SEC codes. The request is then sent to an ACHoperator.
Senator Elizabeth Warren asks in a campaign ad, ignoring the fact that 93 percent of working Americans have their checks directly deposited into their bank accounts – ready for use on payday – using the ACHnetwork. Direct deposit over the ACHnetwork eliminated that friction and got them earlier access to those funds.
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